Venezuela Aims for 1.23 Million BPD Oil Production by December

Venezuela plans to increase its oil production to 1.23 million barrels per day by December, up 290,000 bpd from the year's start. With 25 active drilling rigs, current output stands at 924,000 bpd. This growth follows a U.S. Treasury Department license and new energy company authorizations.

Venezuela is planning to reach 1.23 million barrels per day (bpd) of oil production in December, a growth of about 290,000 bpd from the beginning of the year, following the addition of drilling rigs, oil minister Pedro Tellechea said on Friday.

The South American country currently has 25 active drilling rigs, which allowed an oil output of 924,000 bpd this month and a supply of 102,200 bpd of gasoline and 23,500 bpd of diesel to the domestic market, Tellechea added.

The growth comes after a 6-month broad license granted by the U.S. Treasury Department to Venezuela's oil sector. Washington has now in turned begun issuing individual authorizations to energy companies in Venezuela.

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